Bank of America, Khan Academy Promote Better Money Habits

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"We have heard clearly from our customers that they want to build better money habits, but often lack straightforward and accessible guidance"

Bank of America and Khan Academy today announced a financial education
collaboration that will provide both bank customers and non-customers
alike free, self-paced, easy-to-understand resources to develop better
money habits. These resources will be available on a new website,
BetterMoneyHabits.com, which will incorporate educational content from
Khan Academy and Bank of America and be promoted throughout Bank of
America’s vast network.

Bank of America and Khan Academy recognize that no matter where you are
starting from, the best way to improve long-term financial success is by
changing habits slowly, step by step. The online program allows
consumers to learn at their own pace, from a teaching style that is
casual and commercial-free.

“At Khan Academy, our mission is to provide a free, world-class
education for anyone, anywhere, and we believe that financial
understanding is now an economic imperative for all,” said Sal Khan,
founder, Khan Academy. “Partnering with Bank of America will help us
reach a significantly larger group of people searching for unbiased
information on personal finance and other topics we teach.”

The relationship is part of a broader Bank of America initiative to help
people understand how to make their money work harder.

“We have heard clearly from our customers that they want to build better
money habits, but often lack straightforward and accessible guidance,”
said Andrew Plepler, Corporate Social Responsibility and Consumer Policy
executive at Bank of America. “We approached Khan Academy because of
their proven ability to translate complex topics into simple,
self-paced, on-demand learning materials.”

In a style made popular by Khan, BetterMoneyHabits.com features videos
that take a bite-sized, plain-language approach to simplifying complex
financial topics, making the information easy to grasp and put into
action. The first set of videos addresses topics such as easy ways to
save, steps to get out of debt, setting and sticking to a budget, and
understanding mortgages.

The Bank of America – Khan Academy partnership addresses a startling
financial knowledge deficit in our nation today. According to the
National Foundation for Credit Counseling (NFCC) 2013 Financial Literacy
Survey, when asked to grade themselves on their knowledge of personal
finance, 40 percent of respondents gave themselves a grade of C, D, or
F. However, Americans demonstrated a strong desire to improve their
level of financial capability, as the survey also revealed that an
overwhelming majority (78 percent) agreed that they would benefit from
advice and answers to everyday financial questions from a professional.

Building upon its online financial education initiative, Bank of America
is piloting a series of in-person financial workshops in several markets
nationwide, including Boston and Detroit, and later Philadelphia,
Seattle, Los Angeles and Long Island. The company will join NFCC member
agencies in hosting free 60- to 90-minute sessions in banking centers
and other community locations. The hands-on workshops will cover basic
money management, including the building blocks of financial success:
budgeting, saving and understanding credit reports and scores. The first
workshop will take place in the Boston area at the end of April.

This financial education initiative augments the company’s ongoing work
through its lines of business and philanthropic/volunteer partnerships
to provide financial education tools and resources to individuals and
families.

About the Bank of America – Khan Academy PartnershipBank of
America and leading online educator, Khan Academy, have joined forces to
create BetterMoneyHabits.com, a free platform to improve financial
literacy. The platform will explain financial concepts in a simple and
conversational way and will be completely free of advertising. In
addition, Khan Academy will provide videos on financial subjects with no
outside editorial control, reflecting a shared goal of providing
information in an unbiased environment.